The Nigeria Labour Congress (NLC) President, Joe Ajaero, has voiced strong criticism of the Nigerian National Petroleum Company Limited (NNPCL) for its recent decision to influence fuel pricing at the Dangote Refinery.
His remarks come in response to NNPCL’s decision to increase the retail price of petrol from N897 to N1,030 per litre in the Federal Capital Territory (FCT).
During a press conference held in Abuja on Wednesday, Ajaero expressed his frustration with the fuel price hike.
He stated, “As we are sitting down here, they have gone to increase the pump price of petroleum again. Now what do you do in such instances?”
Ajaero’s comments reflect the growing concern among Nigerians regarding the rising cost of living.
The recent fuel price hike has put a strain on many households already grappling with economic challenges.
“Things we have been asking for; CNG as an alternative; for more than one year, we have been asking for the commencement of work at the Port Harcourt refinery,” Ajaero continued.
His frustration highlights the need for a more stable and affordable fuel pricing structure.
Ajaero also raised questions about the NNPCL’s role in determining fuel prices for Dangote Refinery, suggesting that the company has shifted towards operating as a private entity.
He said, “We have heard that Dangote Refinery is producing locally and prices are going up. All the indices they gave to us about the need to deregulate have proven negative.”
His statements suggest that the NNPCL’s actions contradict the rationale behind fuel deregulation.
Ajaero added, “You are fixing prices as a private company. As far as I’m concerned, except something has happened to CAC, NNPCL is now a private company.”
The NNPCL is a government-owned corporation responsible for the exploration, production, and marketing of petroleum products in Nigeria.
However, its recent actions have raised eyebrows and led to accusations of overreach into private sector pricing.
Ajaero questioned whether the NNPCL could dictate prices for Dangote and other private companies.
“Can that same NNPCL dictate the price for Dangote and other private companies? Those are issues; those are questions begging for answers,” he asserted.
The rise in fuel prices has sparked widespread criticism from various quarters.
Many Nigerians are struggling to cope with the increased transportation costs and higher prices for goods and services.
The fuel price hike has a ripple effect, leading to increased costs of living and potential economic instability.
He urged the federal government to take the necessary steps to stabilize fuel prices and support the needs of ordinary Nigerians.
“Something must be done,” Ajaero stated, emphasizing the urgency of the situation.
He also urged the government to prioritize the completion of the Port Harcourt refinery and explore alternative energy sources such as compressed natural gas (CNG).
The price of petrol in Osun State has skyrocketed to as high as ₦1,350 per litre, sparking widespread complaints and fears of worsening economic hardship. This sudden hike in fuel prices follows the Nigerian National Petroleum Company Limited’s (NNPCL) decision to increase the official pump price of petrol.
On Wednesday, petrol station owners across Nigeria responded swiftly to the NNPCL’s price increase by adjusting their pump prices. Independent marketers now sell petrol at rates ranging from ₦1,000, N1,350 to ₦1,400 per litre, depending on the filling station.
Motorists and commercial drivers in the state are outraged, accusing the government of making life even harder for Nigerians already struggling under intense economic pressure.
As Nigeria’s inflation continues to rise, driven by the cost of fuel and transportation, many fear that the nation is heading for an even more severe economic crisis. Experts warn that the latest increase in fuel prices will lead to a ripple effect across the economy, further pushing up the cost of essential commodities like food, building materials, and even healthcare.
The situation is a direct consequence of the federal government’s decision to end its long-standing fuel subsidy policy in May. President Bola Tinubu announced the subsidy removal shortly after taking office, arguing that it was necessary to save the nation billions of naira spent on subsidizing petrol prices each year.